2186

LAWS OF MARYLAND

[Ch. 356

and from time to time to issue its bonds in the manner
hereinabove described for the purpose of refunding, upon
purchase or redemption, any bonds issued hereunder. The
validity of any such refunding bonds shall in no way be
dependent upon or related to the validity or invalidity
of the obligations so refunded. The powers herein
granted with respect to the issuance of bonds, and also
the limitations herein on such powers shall be applicable
to the issuance of refunding bonds. Said refunding bonds
may be issued by the County for the purpose of providing
it with funds for the redemption prior to maturity of any
outstanding bonds issued hereunder which are, by their
terms redeemable. The resolution authorizing the issue
of any such refunding bonds shall describe the issue or
issues of bonds of the County so to be refunded, and no
issue of such refunding bonds shall exceed in amount the
par amount of such bonds so described in said resolution.
No such refunding bonds shall actually be delivered to
the purchaser, or purchasers thereof more than six (6)
months in advance of redemption date or dates of bonds to
be redeemed and refunded and the proceeds of [[the same
of]] any such refunding bonds shall be segregated and set
apart by the County as a separate trust fund to be used
solely for the purpose of paying the purchase or
redemption prices of the bonds to be refunded.

SECTION 7. AND BE IT FARTHER ENACTED, That, in the
issuance of any of the bonds authorized hereby, the
County may, prior to the preparation of definitive bonds
or obligations, issue interim certificates or temporary
bonds, with or without coupons, exchangeable for
definitive bonds when such bonds or obligations have been
executed and are available for delivery, provided,
however, that any such interim certificates or temporary
bonds shall be issued in all respects subject to the
restrictions and requirements set forth herein. The
County may by appropriate resolution, provide for the
replacement of any bonds issued hereunder which shall
have become mutilated or be destroyed or lost upon such
conditions and after receiving such indemnity as the
County may think it proper and necessary to stipulate and
require.

SECTION 8. AND BE IT FURTHER ENACTED, That any and
all obligations issued pursuant to the authority of this
Act, their transfer, the interest payable thereon, and
any income derived therefrom, including any profit made
in the sale or exchange thereof, shall be and is hereby
declared to be exempt from State, county and municipal
taxation of every kind and nature whatsoever in the State
of Maryland.